It was released through YG Entertainment on November 22, 2007 as the lead single from the quintet's second extended play Hot Issue.
Reception for "Last Farewell" was positive, with Tamar Herman of Billboard ranking it at number nine in the magazine's list of ten best BigBang songs, writing that the single "hits all the right notes to be quintessential K-pop song: catchy chorus, swoon-worthy crooning, and a pump-up dance beat.
"[1] Park Hyo-jae from The Chosun Ilbo praised its "addictive chorus" and "sophisticated electronic sound", commenting that the song being written by a member of the group set BigBang apart from the other idols.
Park also complimented the group's stage fashion, noting that their use of high top sneakers and skinny jeans, as well as their hair styles, had become a trend among teenagers.
[15] Yang Hyun-suk, founder and CEO of YG Entertainment, went on to clarify that G-Dragon wrote and compose the music, with arrangements done by long-time collaborator Brave Brothers.